6(/(&7,1* $ 7(03(5$0(17
3UHVV DQG KROG WKH 6(7 SLVWRQ
7XUQ WKH 6HOHFW .QRE FRXQWHU FORFNZLVH OHIW XQWLO WKH &RQVROH 'LVSOD\ UHDGV
7 ( 0 3 ( 5 $ 0 ( 1 7
( 4 8 $ /
5HOHDVH 6(7
5RWDWH WKH $OSKD 'LDO XQWLO WKH GHVLUHG WHPSHUDPHQW DSSHDUV
3UHVV *HQHUDO &DQFHO WR UHWXUQ WR WKH 7UDQVSRVHU PHQX
1RWH :KHQ WKH RUJDQ LV WXUQHG RII WKH WHPSHUDPHQW ZLOO UHWXUQ WR (TXDO
',*,7$/ '<1$0,& :,1'
3DUW RI WKH SHUVRQDOLW\ RI DQ LQGLYLGXDO SLSH RUJDQ UHODWHV WR WKH VWHDGLQHVV RI WKH ZLQG
VXSSO\ WR WKH SLSHV %HFDXVH DLU LV DQ HODVWLF PHGLXP WKHUH LV VRPH DPRXQW RI ³JLYH´ LQ WKH
ZLQG VXSSO\ RI HYHU\ SLSH LQVWUXPHQW 6RPH RUJDQV H[KLELW PRUH XQVWHDGLQHVV WKDQ RWKHUV
DFFRUGLQJ WR WKH W\SH RI ZLQG UHJXODWRUV XVHG VLQJOH RU PXOWLSOH UHVHUYRLUV VFKZLPPHU
UHJXODWRUV HWF $ VPDOO DPRXQW RI XQVWHDGLQHVV LQ WKH ZLQG KHOSV WKH OLVWHQHU WR LGHQWLI\ WKH
VRXQG DV WKDW RI D ZLQGEORZQ LQVWUXPHQW DOWKRXJK WRR PXFK FDQ EH GLVWUDFWLQJ &HUWDLQ W\SHV
RI PXVLF WKRXJK VHHP WR JDLQ FKDUP IURP D OHVVWKDQSHUIHFW ZLQG V\VWHP
$QRWKHU FKDUDFWHULVWLF RI SLSH RUJDQV LQYROYHV FKDQJHV LQ SLWFK ZKLFK RFFXU LQ LQGLYLGXDO
SLSHV ZKHQ SOD\LQJ ODUJH QXPEHUV RI SLSHV WRJHWKHU 7KHVH SLWFK FKDQJHV DUH GXH ERWK WR
YDULDWLRQV LQ ZLQG SUHVVXUH DV WKH ZLQG GHPDQG EHFRPHV JUHDWHU DQG WR WKH LQIOXHQFH RI WKH
VRXQG IURP QHLJKERULQJ SLSHV 7KLV ODWWHU HIIHFW LV JUHDWHVW XSRQ ODUJHVFDOH IOXWH YRLFHV DQG
OHDVW XSRQ QDUURZVFDOHG VWULQJ YRLFHV (YHQ WKRXJK WKLV UHVXOWV LQ VLJQLILFDQW GHWXQLQJ WKH
KXPDQ HDU VHHPV WR SHUFHLYH LQVWHDG DQ LQFUHDVH LQ HQVHPEOH HIIHFW
5RGJHUV¶ H[FOXVLYH 'LJLWDO '\QDPLF :LQG SDWHQW SHQGLQJ HPXODWHV WKHVH FKDUDFWHULVWLFV
E\ PRGHOLQJ WKH EHKDYLRU RI SLSH RUJDQ ZLQG UHJXODWLQJ GHYLFHV DQG WKH UHVSRQVH RI SLSHV WR D
VOLJKWO\ XQVWHDG\ ZLQG VXSSO\ 6RPH LQGHSHQGHQW UDQNV KDYH WKHLU RZQ ³VRIWZDUH UHVHUYRLU´
DQG HDFK YRLFH LV SURJUDPPHG WR UHVSRQG WR ZLQG YDULDWLRQV LQ WKH VDPH ZD\ LWV HTXLYDOHQW
SLSH UDQN RU UDQNV ZRXOG UHVSRQG
:,1' 67$%,/,=(5
,Q RUGHU WR DGMXVW WKH EHKDYLRU RI WKH RUJDQ ZLQG V\VWHP D ³:,1' 67$%,/,=(5´ PHQX
LV SURYLGHG LQ WKH &RQVROH 'LVSOD\ 7KLV VWDELOL]HU RSHUDWHV LQ PXFK WKH VDPH ZD\ DV GRHV WKH
VWDELOL]HU FRQWURO SURYLGHG RQ VRPH SLSH LQVWUXPHQWV ,Q WKH ³2))´ SRVLWLRQ WKH ZLQG KDV D
QRWLFHDEOH XQVWHDGLQHVV LQ WKH SOD\LQJ RI UDSLG SDVVDJHV RU ODUJH FKRUGV 7KH ³´ SRVLWLRQ
UHGXFHV WKLV XQVWHDGLQHVV VRPHZKDW DQG WKH ³21´ SRVLWLRQ PDNHV WKH ZLQG VWHDG\ XQGHU DOO
FRQGLWLRQV 7KH SRVLWLRQ LV VDYHG ZKHQ WKH RUJDQ LV WXUQHG RII
Summary of Contents for 905B
Page 1: ...2ZQHU V 0DQXDO...
Page 50: ......
Page 67: ...2 5 0 18 352 5 0 1 180 56 7 528...
Page 68: ...5 7 0 18 352 5 0 1 180 56 7 528...
Page 69: ...6 0 18 352 5 0 1 180 56 7 528...